Medifast Inc. said its first-quarter normalized net income amounted to 44 cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.
EPS fell 6.0% year over year from 47 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $5.4 million, a decline of 13.5% from $6.2 million in the year-earlier period.
The normalized profit margin fell to 7.4% from 7.8% in the year-earlier period.
Total revenue decreased 7.4% year over year to $73.4 million from $79.2 million, and total operating expenses decreased 6.6% on an annual basis to $65.1 million from $69.6 million.
Reported net income declined 32.4% year over year to $4.4 million, or 36 cents per share, from $6.5 million, or 49 cents per share.
